# BOEING CO (BA) Informational only - not investment advice. CIK: 0000012927 SIC: 3721 Aircraft SIC breadcrumb: [Manufacturing](/division/D/) > [Transportation Equipment](/major-group/37/) > [SIC 3721 Aircraft](/industry/3721/) Latest 10-K filed: 2026-01-30 SEC page: https://www.sec.gov/edgar/browse/?CIK=12927 Filing source: https://www.sec.gov/Archives/edgar/data/12927/000162828026004357/ba-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-01-30 · accession 0001628280-26-004357 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000012927.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 89,463,000,000 USD | 2025 | verified | | Net income | 2,235,000,000 USD | 2025 | verified | | Assets | 168,235,000,000 USD | 2025 | verified | | Free cash flow | -1,877,000,000 USD | 2025 | computed | | Net margin | 2.50% | 2025 | computed | | Operating margin | 4.79% | 2025 | computed | | Revenue YoY | +34.50% | 2025 | computed | | ROE | 40.98% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | BA | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 2.5% | 3.7% | 39 | 65 | | Operating margin | 4.8% | 7.3% | 39 | 57 | | Revenue growth | 34.5% | 5.6% | 88 | 73 | | FCF margin | -2.1% | 4.4% | 25 | 72 | | ROE | 41.0% | 6.0% | 94 | 72 | | ROA | 1.3% | 2.8% | 41 | 75 | | Liabilities / equity | 29.85 | 1.45 | 100 | 72 | | Current ratio | 1.19 | 2.20 | 17 | 71 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 37 Transportation Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 89463000000 | USD | 2025 | 2026-01-30 | | Net income | 2235000000 | USD | 2025 | 2026-01-30 | | Assets | 168235000000 | USD | 2025 | 2026-01-30 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-01-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000012927.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2010 | 2011 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | 93,496,000,000 | 94,005,000,000 | 101,127,000,000 | 76,559,000,000 | 58,158,000,000 | 62,286,000,000 | 66,608,000,000 | 77,794,000,000 | 66,517,000,000 | 89,463,000,000 | | Net income | | | 5,034,000,000 | 8,458,000,000 | 10,460,000,000 | -636,000,000 | -11,873,000,000 | -4,202,000,000 | -4,935,000,000 | -2,222,000,000 | -11,817,000,000 | 2,235,000,000 | | Operating income | | | 6,527,000,000 | 10,344,000,000 | 11,987,000,000 | -1,975,000,000 | -12,767,000,000 | -2,870,000,000 | -3,519,000,000 | -773,000,000 | -10,707,000,000 | 4,281,000,000 | | Gross profit | | | 14,470,000,000 | 17,393,000,000 | 19,637,000,000 | 4,466,000,000 | -5,685,000,000 | 3,049,000,000 | 3,530,000,000 | 7,724,000,000 | -1,991,000,000 | 4,289,000,000 | | Diluted EPS | | | 7.83 | 13.85 | 17.85 | -1.12 | -20.88 | -7.15 | -8.30 | -3.67 | -18.36 | 2.48 | | Operating cash flow | | | 10,496,000,000 | 13,346,000,000 | 15,322,000,000 | -2,446,000,000 | -18,410,000,000 | -3,416,000,000 | 3,512,000,000 | 5,960,000,000 | -12,080,000,000 | 1,065,000,000 | | Capital expenditures | | | 2,613,000,000 | 1,739,000,000 | 1,722,000,000 | 1,834,000,000 | 1,303,000,000 | 980,000,000 | 1,222,000,000 | 1,527,000,000 | 2,230,000,000 | 2,942,000,000 | | Dividends paid | | | | | | | | | | | | 331,000,000 | | Assets | | | 89,997,000,000 | 112,362,000,000 | 117,359,000,000 | 133,625,000,000 | 152,136,000,000 | 138,552,000,000 | 137,100,000,000 | 137,012,000,000 | 156,363,000,000 | 168,235,000,000 | | Liabilities | 65,703,000,000 | 76,378,000,000 | | | | 141,925,000,000 | 170,211,000,000 | 153,398,000,000 | 152,948,000,000 | 154,240,000,000 | 160,277,000,000 | 162,778,000,000 | | Stockholders' equity | | | 817,000,000 | 1,656,000,000 | 339,000,000 | -8,617,000,000 | -18,316,000,000 | -14,999,000,000 | -15,883,000,000 | -17,233,000,000 | -3,908,000,000 | 5,454,000,000 | | Cash and cash equivalents | | | 8,801,000,000 | 8,813,000,000 | 7,637,000,000 | 9,485,000,000 | 7,752,000,000 | 8,052,000,000 | 14,614,000,000 | 12,691,000,000 | 13,801,000,000 | 10,921,000,000 | | Free cash flow | | | 7,883,000,000 | 11,607,000,000 | 13,600,000,000 | -4,280,000,000 | -19,713,000,000 | -4,396,000,000 | 2,290,000,000 | 4,433,000,000 | -14,310,000,000 | -1,877,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2010 | 2011 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | 5.38% | 9.00% | 10.34% | -0.83% | -20.42% | -6.75% | -7.41% | -2.86% | -17.77% | 2.50% | | Operating margin | | | 6.98% | 11.00% | 11.85% | -2.58% | -21.95% | -4.61% | -5.28% | -0.99% | -16.10% | 4.79% | | Return on equity | | | | | | | | | | | | 40.98% | | Return on assets | | | 5.59% | 7.53% | 8.91% | -0.48% | -7.80% | -3.03% | -3.60% | -1.62% | -7.56% | 1.33% | | Liabilities / equity | | | | | | | | | | | | 29.85 | | Current ratio | | | 1.25 | 1.14 | 1.08 | 1.05 | 1.39 | 1.33 | 1.22 | 1.14 | 1.32 | 1.19 | ## As-reported value updates 9 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/BA/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000012927.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | -5.49 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -0.69 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | -0.25 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 18,104,000,000 | -1,636,000,000 | -2.70 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 22,018,000,000 | -23,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 16,569,000,000 | -343,000,000 | -0.56 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 16,866,000,000 | -1,439,000,000 | -2.33 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 17,840,000,000 | -6,170,000,000 | -9.97 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 15,242,000,000 | -3,865,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 19,496,000,000 | -37,000,000 | -0.16 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 22,749,000,000 | -611,000,000 | -0.92 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 23,270,000,000 | -5,337,000,000 | -7.14 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 23,948,000,000 | 8,220,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 22,217,000,000 | -4,000,000 | -0.11 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 24,560,000,000 | -444,000,000 | -0.67 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from BA's latest 10-K: [/company/BA/business/](/company/BA/business/). ## Risk Factors Verbatim Item 1A Risk Factors from BA's latest 10-K: [/company/BA/risk-factors/](/company/BA/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/12927/000162828026050038/ba-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-28 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Consolidated Results of Operations and Financial Condition Consolidated Results of Operations The following table summarizes key indicators of consolidated results of operations: [[GREPCENT_TABLE]] [["(Dollars in millions, except per share data)","Six months ended June 30","","Three months ended June 30"],["","2026","","2025","","2026","","2025"],["Revenues","$46,777","","","$42,245","","","$24,560","","","$22,749"],["GAAP"],["Earnings/(loss) from operations","$604","","","$285","","","$156","","","($176)"],["Operating margins","1.3","%","","0.7","%","","0.6","%","","(0.8)","%"],["Effective income tax rate","(28.3)","%","","(32.6)","%","","(17.3)","%","","(9.1)","%"],["Net loss attributable to Boeing shareholders","($448)","","","($648)","","","($444)","","","($611)"],["Diluted loss per share","($0.79)","","","($1.09)","","","($0.67)","","","($0.92)"],["Non-GAAP (1)"],["Core operating earnings/(loss)","$294","","","($234)","","","$1","","","($433)"],["Core operating margins","0.6","%","","(0.6)","%","","0.0","%","","(1.9)","%"],["Core loss per share","($0.97)","","","($1.73)","","","($0.76)","","","($1.24)"]] [[/GREPCENT_TABLE]] (1)These measures exclude certain components of pension and other postretirement benefit expense. See pages 49-50 for important information about these non-GAAP measures and reconciliations to the most directly comparable GAAP measures. Revenues The following table summarizes Revenues: [[GREPCENT_TABLE]] [["(Dollars in millions)","Six months ended June 30","","Three months ended June 30"],["","2026","","2025","","2026","","2025"],["Commercial Airplanes","$20,954","","","$19,021","","","$11,751","","","$10,874"],["Defense, Space & Security","15,082","","","12,915","","","7,483","","","6,617"],["Global Services","10,714","","","10,344","","","5,344","","","5,281"],["Unallocated items, eliminations and other","27","","","(35)","","","(18)","","","(23)"],["Total","$46,777","","","$42,245","","","$24,560","","","$22,749"]] [[/GREPCENT_TABLE]] Revenues for the six and three months ended June 30, 2026, increased by $4,532 million and $1,811 million compared with the same periods in 2025 primarily driven by higher revenues at Defense, Space & Security (BDS) and Commercial Airplanes (BCA). 35 Table of Contents Earnings/(Loss) from Operations The following table summarizes Earnings/(loss) from operations: [[GREPCENT_TABLE]] [["(Dollars in millions)","Six months ended June 30","","Three months ended June 30"],["","2026","","2025","","2026","","2025"],["Commercial Airplanes","($885)","","","($1,094)","","","($322)","","","($557)"],["Defense, Space & Security","218","","","265","","","(15)","","","110"],["Global Services","1,939","","","1,992","","","968","","","1,049"],["Segment operating earnings","1,272","","","1,163","","","631","","","602"],["Unallocated items, eliminations and other","(978)","","","(1,397)","","","(630)","","","(1,035)"],["Pension FAS/CAS service cost adjustment","185","","","390","","","92","","","197"],["Postretirement FAS/CAS service cost adjustment","125","","","129","","","63","","","60"],["Earnings/(loss) from operations (GAAP)","$604","","","$285","","","$156","","","($176)"],["FAS/CAS service cost adjustment *","(310)","","","(519)","","","(155)","","","(257)"],["Core operating earnings/(loss) (Non-GAAP) **","$294","","","($234)","","","$1","","","($433)"]] [[/GREPCENT_TABLE]] *    The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. **    Core operating earnings is a Non-GAAP measure that excludes the FAS/CAS service cost adjustment. See pages 49-50. Earnings from operations for the six months ended June 30, 2026, increased by $319 million compared with the same period in 2025, primarily driven by a decrease in loss from operations on Unallocated items, eliminations, and other ($419 million) and at BCA ($209 million), partially offset by unfavorable changes in the FAS/CAS service cost adjustment ($209 million). Earnings from operations for the three months ended June 30, 2026, increased by $332 million compared with the same period in 2025, primarily driven by a decrease in loss from operations on Unallocated items, eliminations, and other ($405 million) and at BCA ($235 million), partially offset by lower earnings from operations at BDS ($125 million) and unfavorable changes in the FAS/CAS service cost adjustment ($102 million). Core operating earnings for the six and three months ended June 30, 2026, increased by $528 million and $434 million compared with the same periods in 2025, primarily due to a decrease in loss from operations on Unallocated items, eliminations, and other. For information related to Postretirement Plans, see Note 13 to our Condensed Consolidated Financial Statements. 36 Table of Contents Unallocated Items, Eliminations and Other The most significant items included in Unallocated items, eliminations and other (expense)/income are shown in the following table: [[GREPCENT_TABLE]] [["(Dollars in millions)","Six months ended June 30","","Three months ended June 30"],["","2026","","2025","","2026","","2025"],["Share-based plans","($52)","","","($51)","","","$3","","","($21)"],["Deferred compensation","(107)","","","(80)","","","(124)","","","(85)"],["Amortization of previously capitalized interest","(45)","","","(42)","","","(23)","","","(21)"],["Research and development expense, net","(210)","","","(183)","","","(106)","","","(101)"],["Eliminations and other unallocated items","(564)","","","(1,041)","","","(380)","","","(807)"],["Unallocated items, eliminations and other","($978)","","","($1,397)","","","($630)","","","($1,035)"]] [[/GREPCENT_TABLE]] Unallocated share-based plans expense for the six and three months ended June 30, 2026, increased by $1 million and decreased by $24 million compared with the same periods in 2025. Changes are due to the timing of when share-based plans expense was recorded compared with when it was allocated to our segments. Deferred compensation expense for the six and three months ended June 30, 2026, increased by $27 million and $39 million compared with the same periods in 2025 due to changes in broad stock market conditions. Research and development expense for the six and three months ended June 30, 2026, increased by $27 million and $5 million compared with the same periods in 2025 due to increases in enterprise investments in product development. Eliminations and other unallocated items expense for the six and three months ended June 30, 2026, decreased by $477 million and $427 million compared with the same periods in 2025. The decrease reflects the absence of an earnings charge of $445 million recorded in the second quarter of 2025 related to an agreement with the Department of Justice. Other Earnings Items [[GREPCENT_TABLE]] [["(Dollars in millions)","Six months ended June 30","","Three months ended June 30"],["","2026","","2025","","2026","","2025"],["Earnings/(loss) from operations","$604","","","$285","","","$156","","","($176)"],["Other income, net","273","","","648","","","79","","","325"],["Interest and debt expense","(1,216)","","","(1,418)","","","(600)","","","(710)"],["Loss before income taxes","(339)","","","(485)","","","(365)","","","(561)"],["Income tax expense","(96)","","","(158)","","","(63)","","","(51)"],["Net loss","(435)","","","(643)","","","(428)","","","(612)"],["Less: Net earnings/(loss) attributable to noncontrolling interest","13","","","5","","","16","","","(1)"],["Net loss attributable to Boeing shareholders","($448)","","","($648)","","","($444)","","","($611)"]] [[/GREPCENT_TABLE]] Other income, net for the six and three months ended June 30, 2026, decreased by $375 million and $246 million compared with the same periods in 2025, primarily due to higher non-operating pension expense. Interest and debt expense for the six and three months ended June 30, 2026, decreased by $202 million and $110 million compared with the same periods in 2025, primarily as a result of lower debt balances. 37 Table of Contents For a discussion related to Income Taxes, see Note 4 to our Condensed Consolidated Financial Statements. Total Costs and Expenses (“Cost of Sales”) Cost of sales, for both products and services, consists primarily of raw materials, parts, sub-assemblies, labor, overhead and subcontracting costs. Our BCA segment predominantly uses program accounting to account for cost of sales. Under program accounting, cost of sales for each commercial aircraft program equals the product of (i) revenue recognized in connection with customer deliveries and (ii) the estimated cost of sales percentage applicable to the total remaining program. For long-term contracts, the amount reported as cost of sales is recognized as incurred. Substantially all contracts at our BDS segment and certain contracts at our Global Services (BGS) segment are long-term contracts with the U.S. government and other customers that generally extend over several years. Cost of sales for commercial spare parts is recorded at average cost. The following table summarizes cost of sales: [[GREPCENT_TABLE]] [["(Dollars in millions)","Six months ended June 30","Three months ended June 30"],["","2026","","2025","Change","2026","","2025","Change"],["Cost of sales","$41,817","","","$37,393","","$4,424","","$22,146","","","$20,314","","$1,832"],["Cost of sales as a % of Revenues","89.4","%","","88.5","%","0.9","%","90.2","%","","89.3","%","0.9","%"]] [[/GREPCENT_TABLE]] Cost of sales for the six and three months ended June 30, 2026, increased by $4,424 million and $1,832 million, or 12% and 9%, compared with the same periods in 2025, primarily due to higher revenues at BDS and BCA. Cost of sales as a percentage of Revenues increased during the six and three months ended June 30, 2026, compared with the same periods in 2025 due to lower margins at BGS and BDS. Research and Development Research and development expense, net is summarized in the following table: [[GREPCENT_TABLE]] [["(Dollars in millions)","Six months ended June 30","","Three months ended June 30"],["","2026","","2025","","2026","","2025"],["Commercial Airplanes","$1,200","","","$1,092","","","$597","","","$558"],["Defense, Space & Security","366","","","420","","","192","","","221"],["Global Services","48","","","59","","","26","","","30"],["Other","210","","","183","","","106","","","101"],["Total","$1,824","","","$1,754","","","$921","","","$910"]] [[/GREPCENT_TABLE]] Research and development expense increased by $70 million and $11 million during the six and three months ended June 30, 2026, compared with the same periods in 2025, primarily due to higher spending at BCA. 38 Table of Contents Backlog [[GREPCENT_TABLE]] [["(Dollars in millions)","June 30 2026","","December 31 2025"],["Commercial Airplanes","$596,724","","","$567,290"],["Defense, Space & Security","85,322","","","84,786"],["Global Services","32,840","","","29,720"],["Unallocated items, eliminations and other","375","","","411"],["Total Backlog","$715,261","","","$682,207"],["Contractual backlog","$674,506","","","$639,721"],["Unobligated backlog","40,755","","","42,486"],["Total Backlog","$715,261","","","$682,207"]] [[/GREPCENT_TABLE]] Contractual backlog of unfilled orders excludes purchase options, announced orders for which definitive contracts have not been executed, orders where customers have the unilateral right to terminate, and unobligated U.S. and non-U.S. government contract funding. The increase in contractual backlog of $34,785 million during the six months ended June 30, 2026, was primarily due to a $29,434 million increase in BCA backlog. We may experience reductions to backlog and/or significant order cancellations due to various factor [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/12927/000162828026004357/ba-20251231.htm Complete FY 2025 MD&A: /company/BA/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-01-30 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Consolidated Results of Operations and Financial Condition Overview We are a global market leader in the design, development, manufacture, sale, service and support of commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems and services. We are one of the two major manufacturers of 100+ seat airplanes for the worldwide commercial airline industry and one of the largest defense contractors in the U.S. While our principal operations are in the U.S., we conduct operations in an expanding number of countries and rely on an extensive network of U.S. and non-U.S. partners, key suppliers and subcontractors. Our strategy is centered on successful execution in healthy core businesses – Commercial Airplanes (BCA), Defense, Space & Security (BDS) and Global Services (BGS). BCA is committed to offering airplanes that deliver superior design, safety, quality, efficiency and value to customers around the world. BDS integrates its resources in defense, intelligence, communications, security, space and services to deliver capability-driven solutions to customers. Our BDS strategy is to leverage our core businesses to capture key next-generation programs while expanding our presence in adjacent and international markets. BGS provides support for commercial and defense customers through innovative, comprehensive and cost-competitive product and service solutions. On January 5, 2024, a 737-9 flight made an emergency landing after a mid-exit door plug detached in flight. As a result of the accident, the Federal Aviation Administration (FAA) performed an investigation into the 737 quality control system and imposed certain additional requirements and restrictions. As part of our plan to improve quality and safety and to address the issues identified, we slowed production rates and delayed planned production rate increases to reduce traveled work in our factory, as well as at our suppliers. We have also taken additional actions to improve safety and quality, including investing in workforce training, simplifying plans and processes, eliminating defects, and enhancing our safety and quality culture. The 737-9 door plug accident and our resulting actions, including slowing production, significantly impacted our financial position, results of operations and cash flows during 2024 and 2025. On November 4, 2024, the International Association of Machinists and Aerospace Workers District 751 (IAM 751), representing approximately 30,000 Boeing employees, voted to ratify a new contract, thereby ending the work stoppage initiated on September 13, 2024, which paused production of certain commercial aircraft models (737, 767, 777 and 777X aircraft) as well as production of commercial derivative aircraft for our Defense, Space & Security business (KC-46A Tanker and P-8A Poseidon). Production for all programs resumed in December 2024 and gradually ramped up during 2025. On November 13, 2025, the International Association of Machinists and Aerospace Workers District 837 (IAM 837), representing approximately 3,200 Boeing employees, voted to ratify a new contract thereby ending the work stoppage initiated on August 4, 2025, which disrupted our St. Louis operations. Programs impacted included F/A-18, F-15, T-7A Red Hawk, MQ-25 and Weapons. Our contracts with the Society of Professional Engineering Employees in Aerospace, representing approximately 16,000 Boeing employees, are scheduled to expire in October 2026, and could also have a material impact on our financial position, results of operations and cash flows. 24 Table of Contents During the fourth quarter of 2025, we completed a divestiture and an acquisition that are affecting our 2025 financial position, results of operations and cash flows. On October 31, 2025, we completed the divestiture of portions of our BGS segment’s Digital Aviation Solutions business (Digital Aviation Solutions Divestiture) for $10.55 billion in an all-cash transaction. On December 8, 2025, we completed the acquisition of Spirit AeroSystems Holdings, Inc. (Spirit) by exchanging approximately $4.7 billion of Boeing shares for all of Spirit’s outstanding shares (Spirit Acquisition). In connection with the Spirit Acquisition, we paid off certain Spirit debt and other obligations and assumed the remainder of Spirit’s outstanding debt and other obligations. Boeing’s acquisition includes all of Spirit’s Boeing-related commercial operations, including fuselages for the 737, P-8 and KC-46 Tanker programs, as well as major structures for the 767, 777 and 787 programs. It also includes Spirit’s defense and aftermarket businesses as well as portions of Spirit’s operations in Belfast, Ireland. Spirit employs approximately 15,000 people. For additional discussion related to the Digital Aviation Solutions Divestiture and Spirit Acquisition, see Note 3 and Note 2 of our Consolidated Financial Statements. Business Environment and Trends In 2025, global air traffic expanded near historical trend rates on an annual basis. This growth came despite a lower than usual contribution from the North American market, which saw stagnant demand particularly in the low-cost space. International demand outpaced domestic demand on an annual basis as the former built on the recovery momentum from 2024, including in China, lifting demand for wide-body airplanes. Based on these trends, both single-aisle and wide-body demand remain above current industry supply levels. We are experiencing strong demand from our airline customers globally. We and our suppliers are experiencing improving supply chain performance with fewer disruptions from production quality issues, global supply chain constraints and labor instability. We and our suppliers continue to experience inflationary pressures. We continue to monitor the health and stability of the supply chain. Notwithstanding improvements, these factors continue to challenge overall productivity and adversely impact our financial position, results of operations and cash flows. Airline financial performance, which influences demand for new aircraft, is benefiting from the resilient demand for travel. The International Air Transport Association (IATA) is estimating 2025 industry-wide net profits of $39.5 billion, up from $28.3 billion in 2024, primarily driven by Europe, North America and the Middle East. For 2026, IATA is forecasting $41 billion in net profits for the industry globally. The overall outlook continues to stabilize. We face uncertainties in the environment in the near- to medium-term as airlines are facing persistently high and volatile costs even as fuel prices have declined. The global economy is expecting a continued easing of inflation and interest rates, with regional economic and geopolitical difficulties adding uncertainty to the outlook and the financial viability of some airlines and regions. The long-term airline industry outlook remains positive due to the fundamental drivers of air travel demand: economic growth, increasing propensity to travel, increased trade, globalization and improved airline services driven by liberalization of air traffic rights between countries. Our Commercial Market Outlook forecast projects a 3.1% growth rate in the global fleet over a 20-year period. Based on long-term global economic growth projections of 2.3% in average annual gross domestic product, we project demand for approximately 43,600 new airplanes over the next 20 years. The industry remains vulnerable to exogenous developments including fuel price spikes, potential new or increased tariffs, changing energy policies, credit market shocks, acts of terrorism, natural disasters, conflicts, epidemics, pandemics and increased global environmental regulations. 25 Table of Contents At BDS, we see strong demand reflecting the important role our products and services have in ensuring our national security. Outside of the U.S., we are seeing similar solid demand as governments prioritize security, defense technology and global cooperation given evolving threats. Our fixed-price development programs are maturing; however, technical and schedule challenges remain and have resulted in significant earnings charges on these programs. BDS’s production system and supply chain are beginning to stabilize; however, prior period performance has adversely affected margins and cash flows. At BGS, we expect commercial revenues to remain strong in future quarters as the commercial airline industry has largely recovered and transitions to growth. The demand outlook for our government services business remains stable. Consolidated Results of Operations The following table summarizes key indicators of consolidated results of operations: [[GREPCENT_TABLE]] [["(Dollars in millions, except per share data)"],["Years ended December 31,","2025","","2024","","2023"],["Revenues","$89,463","","","$66,517","","","$77,794"],["GAAP"],["Earnings/(loss) from operations","$4,281","","","($10,707)","","","($773)"],["Operating margins","4.8","%","","(16.1)","%","","(1.0)","%"],["Effective income tax rate","15.1","%","","3.1","%","","(11.8)","%"],["Net earnings/(loss) attributable to Boeing shareholders","$2,235","","","($11,817)","","","($2,222)"],["Diluted earnings/(loss) per share","$2.48","","","($18.36)","","","($3.67)"],["Non-GAAP (1)"],["Core operating earnings/(loss)","$3,236","","","($11,811)","","","($1,829)"],["Core operating margins","3.6","%","","(17.8)","%","","(2.4)","%"],["Core earnings/(loss) per share","$1.19","","($20.38)","","","($5.81)"]] [[/GREPCENT_TABLE]] (1)These measures exclude certain components of pension and other postretirement benefit expense. See pages 47 - 48 for important information about these non-GAAP measures and reconciliations to the most directly comparable GAAP measures. Revenues The following table summarizes Revenues: [[GREPCENT_TABLE]] [["(Dollars in millions)"],["Years ended December 31,","2025","","2024","","2023"],["Commercial Airplanes","$41,494","","","$22,861","","","$33,901"],["Defense, Space & Security","27,234","","","23,918","","","24,933"],["Global Services","20,923","","","19,954","","","19,127"],["Unallocated items, eliminations and other","(188)","","","(216)","","","(167)"],["Total","$89,463","","","$66,517","","","$77,794"]] [[/GREPCENT_TABLE]] Revenues increased by $22,946 million in 2025 compared with 2024 primarily driven by higher revenues at BCA, BDS and BGS. BCA revenues increased by $18,633 million primarily due to higher deliveries. BDS revenues increased by $3,316 million primarily due to lower net unfavorable cumulative 26 Table of Contents contract catch-up adjustments and higher volume. BGS revenues increased by $969 million primarily due to higher government and commercial services revenue. Revenues decreased by $11,277 million in 2024 compared with 2023 driven by lower revenues at BCA and BDS, partially offset by higher revenues at BGS. BCA revenues decreased by $11,040 million primarily driven by lower deliveries across all programs and 737-9 customer considerations related to the January 2024 grounding. BDS revenues decreased by $1,015 million primarily due to higher net unfavorable cumulative contract catch-up adjustments on major fixed-price development programs. BGS revenues increased by $827 million primarily due to higher commercial services revenue. Earnings/(Loss) From Operations The following table summarizes Earnings/(loss) from operations: [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/BA/mda/fy2025/ All MD&A years: /company/BA/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/BA/mda/fy2024/): filed 2025-02-03; accession 0000012927-25-000015 (https://www.sec.gov/Archives/edgar/data/12927/000001292725000015/ba-20241231.htm) - [FY 2023 MD&A](/company/BA/mda/fy2023/): filed 2024-01-31; accession 0000012927-24-000010 (https://www.sec.gov/Archives/edgar/data/12927/000001292724000010/ba-20231231.htm) - [FY 2022 MD&A](/company/BA/mda/fy2022/): filed 2023-01-27; accession 0000012927-23-000007 (https://www.sec.gov/Archives/edgar/data/12927/000001292723000007/ba-20221231.htm) - [FY 2021 MD&A](/company/BA/mda/fy2021/): filed 2022-01-31; accession 0000012927-22-000010 (https://www.sec.gov/Archives/edgar/data/12927/000001292722000010/ba-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3721 Aircraft) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/BA.md · JSON record: /company/BA.json · verified financials: /company/BA/financials.json / /company/BA/financials.csv · machine TOC for the whole site: /llms.txt